Q. 245.0( 1 Vote )

What is fair glob

Answer :

Globalisation means the integration of the domestic economy with the international economy through trade, capital, and technology flow. It has been a great boon to the economy. Yet, the negative effects of globalization do exist especially on employment, equality, working conditions, international labour standards, and social protection. The current financial and economic crisis further aggravates the situation.


The term ‘Fair Globalisation’ means access to the benefits of globalization without any harm to the economic and social development of the economy. It also implies that the benefits of must be equal to all. In such a situation it is the responsibility of the government to promote a fair system of globalization. This can be done in the following ways:


1. Firstly, the government of a country must ensure that the laws of labour are duly adhered to. Not even a single worker must be exploited by his employee in any manner.


2. The government policies must not favour the richer section of the society but the poorer section as well.


3. The small-scale producers are often wiped out from the market as they do not have the adequate amount of resources to face the international competition. The government must ensure that these producers are also protected and recognized.


4. Trade and investment barriers can be used if required.


5. It should form fair agreements with other countries to have a balanced term of trade.


Even after all these measures, if the government feels the possibility of unfair trade practice, it may appeal to the WTO-World Trade Organisation for a fairer system. It can also align with other countries that are on the same developing pace as its own and can fight against the unfair trade practices by the developed countries.


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